Two new bills introduced by the representative include “virtual coin,” “blockchain” en “virtual coin offering” as new terms to be included in the Arizona government’s list of definitions, particularly as they relate to securities and crowdfunding.

in het bijzonder, the first billdefines “virtual coin” as “a digital representation of value that can be digitally traded and that functions as a medium of exchange, unit of account and store of value.”

The bill goes on to define a “virtual coin offering” as any token sale where the token is treated as a security as defined by existing Arizona law. Echter, tokens which are not marketed as investments and which the purchaser can utilize or redeem within 90 dagen, according to the bill, would sit outside that definition.

The second billamends theArizona Revised Statutesto account for data that is written and stored on a blockchain. In a way, the bill bears a relation to a past Weninger bill which legally recognized blockchain signatures and smart contracts, a measure that wassigned into lawlast year.

Stepping back, the state government has made several steps in recent weeks to broaden the adoption of the tech within the state. Earlier this month, the State Senate completed work on a bill which would allow the governmentto collect taxes in bitcoin.